Initially, the managers note that February was characterized by geopolitical developments, where movements across the fund's three themes were significant.
"The global security situation remained tense as the war in Ukraine entered its fifth year, while new instability surrounding Cuba, as well as coordinated military actions by the US and Israel against the regime in Iran, created market concern," the managers write.
In cybersecurity, uncertainty prevailed, explained by Anthropic's launch of Claude Code Security. At the same time, there were concerns that advanced AI models could replace existing services, which also weighed on the segment.
"However, these concerns gradually eased during the month, providing the fund with an opportunity to strategically increase holdings in several positions within the theme. Despite the recovery toward the end of the period, cybersecurity was the weakest performing theme and made a negative contribution to the month's total return."
Several fourth-quarter reports were also released during the month, with both Motorola Solutions and Kongsberg described as delivering particularly strong results. Both companies also contributed most positively to the fund's return during the month.
"Kongsberg delivered a strong result with a record order book that exceeded market expectations. The share price was further strengthened by a historic air defense order to Poland worth NOK 16 billion."
Motorola simultaneously presented record results, with both revenue and profit coming in above forecasts. The company ended 2025 with a record-high backlog, explained by global demand for security solutions.
Furthermore, the acquisition of Silvus Technologies developed positively, and the company's position in communications and the future defense sector is described as having been strengthened.
The largest holdings at the end of the month were Exosens, Resideo Technologies, and Leonardo, with portfolio weights of 4.05, 3.99, and 3.82 percent, respectively.
| Swedbank Robur Security and Defence, % | February, 2026 |
| Fund MM, change in percent | 2.96 |
| Fund YTD, change in percent | 11.85 |
